Shoals Technologies Group, Inc. provides electrical infrastructure solutions for the energy transition market, including electrical balance of system (EBOS) solutions and components used in utility-scale solar projects. Its products are sold principally to engineering, procurement and construction firms that build solar energy projects, and company updates also reference battery energy storage solutions (BESS) and OEM components.
Recurring news for SHLS includes quarterly results, revenue outlooks, backlog and awarded orders, investor-event participation, product education for BESS markets, commercial agreements tied to critical-power systems, and intellectual-property matters involving the company’s patented Big Lead Assembly solutions.
Shoals Technologies Group, Inc. reported financial results for Q1 2024, with quarterly revenue of $90.8 million, gross margin of 40.2%, net income of $4.8 million, and adjusted EBITDA of $20.5 million. Backlog and awarded orders increased 17% year-over-year to $615.2 million. Despite revenue decreasing by 14% compared to Q1 2023, the company remains confident in long-term industry drivers. The company's outlook for Q2 and full year 2024 is cautiously optimistic, expecting revenue in the range of $85-$95 million for Q2 and $440-$490 million for the full year.
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